How much of a US microcap can be read at all
2,154 US-listed companies carry a market value below three hundred million dollars. The middle one publishes 6 of the 13 ratios this catalogue holds a column for. Among companies worth ten billion or more, the middle one publishes 10.
Three hundred million is a convention, not a rule anybody wrote down, and it is stated here so you know exactly which companies are in each denominator. Every figure counts companies. A company quoted on two lines is one of them.
Where covered companies sit by size
- Market value under three hundred million
- 2,154
- Market value ten billion and above
- 912
- Everything between the two bands
- 2,447
- No market value publishedSize unknown, so the row is in neither band rather than quietly inside one.
- 8
- Companies covered
- 5,521
GET /api/public/companies. Catalogue built Oct 16, 2026. Prices of Oct 15, 2026.
The same ratio, counted in both bands
| Ratio | Under three hundred million | Ten billion and above |
|---|---|---|
| Price to earnings | 21% | 84% |
| Price to book | 57% | 90% |
| Enterprise value to EBIT | 7% | 55% |
| Free cash flow yield | 42% | 78% |
| Return on invested capital, after tax | 16% | 53% |
| Dividend yield | 10% | 61% |
| Debt to equity | 29% | 60% |
| Current ratio | 84% | 80% |
| Price to sales | 68% | 94% |
| Price to earnings over growth | 4% | 52% |
| Altman Z-score | 56% | 63% |
| Beneish M-score | 60% | 79% |
| Piotroski F-score | 63% | 79% |
Notes on this count
A blank is not a bad number. It is an absent one, and the catalogue states which kind under every cell: an accounting line the filing never separated, a ratio the gate refuses as meaningless for that business, or no filed statements on record at all. Ratios priced off a quote and ratios read off the last annual report run on two different clocks, which is why they are listed together and never summed. The full table carries the reason behind each one, company by company.
GET /api/public/companies. Catalogue built Oct 16, 2026. Prices of Oct 15, 2026.
What a thin record changes
It changes which question is worth asking. A screen ranked over the lower band ranks the companies whose figures happened to be readable, a selection nobody chose and everybody inherits. The narrower question is whether the companies you already picked still match the reason you picked them.
The four pages below take the questions this band actually raises. Each one carries its own count, read when the page is built, with the endpoint printed beside it.
What is watched on a company you hold a thesis on
Once you subscribe, every night:
- Debt and financing. A guardrail you set on debt to equity or the current ratio, re-tested every night against the newest filed accounts.
- Cash going out faster than it comes in. A guardrail on free cash flow yield or the Altman Z-score, re-tested the same way.
- The price you paid, against the value you wrote down. A guardrail on your margin of safety against your own target or saved DCF, read against the latest close.
- An auditor resigning or being replaced. An 8-K reporting an auditor change (item 4.01) is emailed to you. If you wrote a guardrail on auditor changes in the last twelve months, that guardrail decides the email instead.
- Accounts the company says can no longer be relied on. An 8-K saying earlier statements should no longer be relied on (item 4.02) is emailed to you. A guardrail on these notices in the last twelve months decides the email instead, where you wrote one.
- A delisting notice, or a listing standard missed. An 8-K reporting a delisting notice or a failure to meet a listing rule (item 3.01) is emailed to you.
- Shares sold outside a registered offering. An 8-K reporting an unregistered sale of equity (item 3.02) is emailed to you.
- A material agreement, a deal closed, new debt, a shareholder vote or other company news. An 8-K under item 1.01, 1.02, 1.05, 2.01, 2.03, 2.05, 2.06, 3.03, 5.01, 5.07, 7.01 or 8.01 goes to your Alerts with the item title and a link to the filing. These are not emailed, and the filing is not read beyond its item codes.
- A director or officer leaving. An 8-K reporting a director or officer change (item 5.02) goes to your Alerts and is never emailed, because routine board elections file under the same item.
- Shares issued between annual reports. A guardrail on the share count from each filing’s cover page, or on how far it moved since the last filing, over about a year or about three, re-tested every night.
- Insiders buying or selling. A guardrail on net insider buying or selling over three or twelve months, or on how many insiders sold in three months, read from open-market Form 4 filings.
- How long an exit would take at today’s volume. A guardrail on average daily dollar volume or on the share of sessions with no trade. The company page also turns a position size you type into days of volume.
- Cash runway, in months. A guardrail on months of cash at the burn of the newest filed twelve months, re-tested nightly against the newest filed accounts. A business whose operations brought cash in has no runway figure, and the page says why.
- A going-concern paragraph in the audit opinion. The newest annual or quarterly report is read for a statement of substantial doubt about the company continuing as a going concern. A guardrail on that doubt is re-tested nightly, and its email quotes the sentence and cites the filing.
- A reverse split. A confirmed reverse split puts one line in the inbox of a subscriber holding the company or with a thesis on it. A guardrail on reverse splits in the last year is emailed like any other.
- A shelf registration or an at-the-market sale. A new registration statement (S-3, S-1, F-3) or a prospectus supplement that sells (424B5, 424B4) puts one line in the inbox of a subscriber holding or watching the company. A guardrail on new financing filings sends it by email, citing the filing.
- Warrants and convertibles. A guardrail on the shares tagged warrants and convertible notes could add, as a percentage of the shares outstanding on the same date, read from the company’s own XBRL facts and re-tested every night.
- One customer carrying the revenue. A guardrail on the largest single customer’s share of revenue, as the newest annual report tags it, re-tested every night and emailed with the filing cited.
A guardrail we could not read that night is reported as untested, never as holding.
Not watched yet operating milestones. None of these is read for you today, so silence about them means nothing.
What this page cannot tell you
A census of the band says nothing about the five to twenty companies you hold. It also says nothing about the week they change: a small company can file an 8-K that resets the share count, the cash position and the reason you bought it, and the ratio you checked in the month you bought stays on your screen looking exactly as it did.
The audit reads a list of tickers for nothing and names every figure it could not get.Professional is for afterwards: the reason you hold each company, in your words, with the figures it depends on, watched.
Every guardrail you have saved is re-tested every night against newly filed accounts, and you get one email the first night one breaks, naming the company, the reading and the filing it came from. What to do about it is yours. It comes with Professional.
The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.
The audit needs no account. A new account starts with 30 days of Professional, no card.
Meeting a test is not a reason to buy. Every count above is read from the public endpoints when the page is built, never typed into it: the whole table is at the company catalogue and every formula is at methodology.
No company is named, ranked or scored above, and the band is a filter, not a shortlist.